Follow CGSP on Social Media

Listen to the CGSP Podcast

Ethiopia To Default on Bond Payment

A shop owner counts Ethiopian Birr in his stall at the Shola Market in Addis Ababa on December 4, 2023. Michele Spatari / AFP

Ethiopia is set to join Zambia, Sri Lanka, and Ghana on the debt chopping block following the announcement that it can’t pay a $33 million bond coupon due on Monday. The country will officially be in default once a 14-day grace period elapses.

The Finance Ministry said it will convene a meeting with bondholders on Thursday. This follows the collapse of earlier talks with bondholders over how to extend the maturity and repayments of a $1 billion bond maturing in December 2024.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

What is The China-Global South Project?


The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.


A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.


Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.


A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.